Kuwait is one of a few countries in the region that carried out significant economic reforms to retain stability of its financial situation, International Monetary Fund (IMF) Managing Director Christine Lagarde has said.
Kuwait is one of few countries in the region that taken steps to reform its economy and is going ahead in this direction gradually to keep the stability of public finance, Lagarde said in joint press conference with Governor of the Central Bank of Kuwait (CBK) Mohammad Al-Hashel following the conclusion of the Global Islamic Finance Conference earlier today.
The country. financial situation 'very good" and would be crowned by the reforms introduced by the government to diversify national economy, she projected.
The IMF chief said that she had reiterated, during several meetings with Kuwaiti officials, her admiration of the structural reforms of the Kuwaiti economy to diversify income resource away from the oil revenues, address the public finance imbalances and encouraging the private sector to lead development in the country.
On her evaluation to the performance of the CBK and bilateral cooperation to promote Islamic finance, Lagarde said "my evaluation is excellent".
She noted that the IMF is interested in the Islamic finance industry which grew by tenfold in the past decade thanks to the watertight oversight and regulation.
It is important for the Islamic finance regulations to go in line with conventional finance laws and regulations, she stressed.